Did I learn from revision?

What is producer revenue?

• firm expenditure

• price x quantity

• marginal revenue

• producer profit

When may I need to consider PES?

• When demand increases

• When we examine the impact of a depreciation of currency on import expenditure

• When supply falls

• When examining pricing decision of firms.

What is a levy?

• A quota

• A form of tax

• A regulation

What is dependency ratio ceiling?

• A cap on the number of local workers that a firm can hire.

• How many children a nuclear family has.

• A measure of how dependent a child is on his/her parents.

• A ratio of foreign vs local workers to ensure that a firm does not only hire foreign workers

Training of workers increases their productivity and reduces cost of production for producers. So they need lesser workers and so demand for workers will fall.

• True

• False